Market Analysis Report

MVIS-CryptoCompare Index

The MVIS CryptoCompare Digital Assets 10 Index has closed at 4,987.38 with a loss of 1.89% for the day.

See the live index here

Market Update

At the time of writing, the Bitcoin price is sitting at $8,144 representing a gain of 0.02% in the last 24 hours. More than $630 M worth of BTC were exchanged in the BTC/USD market representing a 14.5% share of the global daily volume. The BTC/JPY pair represents a 46% share.

The Ethereum price has dropped 2.36% over the past 24 hours and is currently sitting at $451, with over $130 M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 12.98% market share of the daily trading volume.

For a detailed market analysis click here

Thomson Reuters Selects CryptoCompare for Cryptocurrency Data

CryptoCompare has partnered with Thomson Reuters, the world’s leading source of news and information for professional markets. Under the agreement, CryptoCompare will integrate order book and trade data for 50 coins, sourced from a wide variety of trusted exchanges, into Thomson Reuters financial desktop platform Eikon, providing institutional investors with reliable insight into the crypto asset market as a whole. Sam Chadwick, Director of Strategy in Innovation and Blockchain at Thomson Reuters, said:

“Despite the decline in the price of many of the leading cryptocurrencies during 2018, we continue to see increasing demand from our customers for pricing coverage of the major names. We have been engaged with CryptoCompare since their involvement in our blockchain hackathon in September 2016, and continue to be very impressed by their approach to coverage of these challenging markets. This partnership puts pricing data for this emerging market alongside other asset classes, giving our customers a more comprehensive trading view in Eikon.”

Read more here

Iran’s Bitcoin Volume Soars as Rial Value Enters ‘Death Spiral’

Yesterday, the Iranian Rial set a new low, trading on an average at 100,000 Rials against the U.S. Dollar. Iran prepares to face economic sanctions imposed by the Trump administration and many Iranians are now agitated that their economy will collapse.

Stuck between a depreciating national currency and strict law enforcement agencies, some Iranians are reportedly turning to Bitcoin and similar decentralized assets to elude sanctions. One Iranian citizen, who wished to remain anonymous stated:

"I started purchasing Bitcoin, and even Ethereum, thinking Iranian central bank will not be able to resolve the poor economic situation. (...) I had read many reports about Chinese and Venezuelan people doing the same at the time of their economic crisis.”

Read more here

Apparently, Vietnamese Sky Mining CEO Flees With over $35 Million of Funds

According to local news outlet Vnexpress, Le Minh Tam, CEO of cryptocurrency mining company Sky Mining (based in the capital city of Ho Chi Minh) disappeared last Monday along with over $35 million worth of investor funds. Leaving the company’s head office in Phu Nhuan District building shut with the nameplate removed and without any of all 600 mining rigs at the company’s factory, in what appears to be another exit scam. 

The CEO published a note last Wednesday on Facebook, apologizing for “everything” and claiming that due to market unpredictability, mining rig value has drop drastically and profitability had fallen. He stated:

"My last resort is to stay hidden from public to protect my life."

Read more here

New USDVault Stablecoin Pegged 1:1 To USD, Backed By And Redeemable For Gold

Vault, a Canadian-Swiss smart contract platform, has secured funding to launch USDVault, the world’s first 1:1 USD-pegged stablecoin backed by and redeemable for LBMA gold bullion stored in Swiss vaults. While many stable coins have attempted price stability, USDVault is the first token that reliably maintains a 1:1 USD peg by a combination of gold bullion in a vault, and a gold hedge.

Funded by a consortium of private equity funds, precious metals explorers, miners, and refiners, Vault is committed to providing an investment-worthy stable coin that addresses the needs of serious investors and institutional capital.

According to confirmed legal memorandum, USDVault tokens act as “evidence of a deposit,” ensuring token holders can redeem USDVault tokens for $1 USD equivalent in gold or fiat. Further, Vault’s publicly audited fiduciary, escrow, and gold vaulting processes offer transparency and legal recourse to token holders. As such, USDVault provides the industry’s most robust solution to price stability, while also mitigating most of the risks associated with cryptocurrencies that currently discourage more cautious capital from entering the markets.

USDVault will be issued through a Continuous Coin Offering process based on demand, beginning in Fall 2018. For more information about Vault and USDVault, click here.